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But as with any new financial habit, its easy to make mistakes or even give up.
Also seenine expert money challenges that can help you kickstart a frugal 2025.
No Spend January is just the start of something bigger.
Despite its name, the challenge is meant to last beyond one month.
The point is to form long-term financial habits for the better.
She used an example of a boat with holes in it to illustrate this point.
How can we plug up the holes in the boat for the year to come?
you could take it one step or month at a time.
And that means viewing this challenge from a long-term perspective.
Its all too easy to give up when things get tough.
Maybe you purchased something you didnt really need.
Or maybe youre having a tough day at work that makes you want to splurge.
As Kaden pointed out, thats life.
You have to stay open and realistic that something might get in your way.
Challenges are even more likely to crop up the longer you stick with it.
But thats okay too.
It doesnt matter if you occasionally break the rules.
What matters is getting back on track the next day and the next.
If you fly off the rails for some unforeseen circumstances … adjust your rails, Kaden said.
Isolate that incident and move on.
This will let you learn from your mistake rather than let the whole challenge fall apart because of it.
Remember, building better financial habits wont happen overnight.
The third big mistake to avoid is reverting back to your old habits out of habit, Kaden said.
Any kind of habit, good or bad, can be tough to break.
Sometimes, you might think youve gotten past an old habit only for it to pop back up.
Were looking to create new habits to get somewhere new, Kaden explained.
This is a challenge for a reason, and you still have to reel it in.
According to theNational Institutes of Health, becoming more aware of your unhealthy habits could help you break them.
Dont go on autopilot, Kaden said.
You have to be intentional and aware.
Instead, acknowledge it and keep moving forward.
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